Abstract: Since China's reform and opening-up, although the complete energy intensity of manufacturing industry has showed a trend of decline overly, it remains high compared with developed countries. Considering the two factors of economic efficiency and energy utilization, how to further reduce the complete energy consumption of manufacturing industry has become a hot issue in academic circles. It is also an important content to measure the effect of energy saving and emission reduction in manufacturing industry. In this paper, embodied energy of manufacturing industry is taken into account and the formula of complete energy intensity of manufacturing industry is constructed based on direct and complete consumption coefficients of input-output model. Based on the Wuli-Shili-Renli system methodology, the factors system of complete energy intensity of manufacturing industry, which contains technology progress, FDI, enterprise scale, energy consumption structure, industrial structure, etc is built. Based on time series data from 1980 to 2016, the SVAR model is used to explore the influence law of various factors on complete energy intensity of manufacturing industry. All time series that has been counted in currency are deflated into the price of 1980. Impulse response results show that in the short term, enterprise scale, industrial structure, energy price, technology progress, FDI, etc., have a relatively great influence on complete energy intensity of manufacturing industry. With the increase of enterprise average scale, proportion of heavy industry and technological progress rate, complete energy intensity of manufacturing industry starts to reduce; with the increase of energy price and FDI, complete energy intensity of manufacturing industry starts to rise. In the medium-long term, enterprise scale, property right structure, energy price, industrial structure, technology progress, etc., have a relatively large influence on complete energy intensity of manufacturing industry. With the increase of the energy price, the proportion of state-owned enterprises, and technological progress rate, complete energy intensity of manufacturing industry goes down and then goes up; with the increase of enterprise average scale and the proportion of heavy industry, complete energy intensity of manufacturing industry goes up and then goes down. Variance decomposition results show that enterprise scale, energy price, property right structure, industrial structure and technological progress have great contributions on complete energy intensity of manufacturing industry. In order to reduce complete energy intensity of manufacturing industry, it is relatively outstanding to expand enterprise scale moderately, regulate energy price reasonably, promote diversification of property right structure, etc.. The research of this paper fills the insufficiency of the research field, which is about the influence law of various factors on complete energy intensity of manufacturing industry, and extends the research perspectives of energy intensity from the perspective of embodied energy of manufacturing industry. The research results have a significant reference value to the state for making energy saving and emission reduction policies of manufacturing industry and the further achievements in reducing complete energy intensity of manufacturing industry.

Key words: manufacturing industry, complete energy intensity, SVAR model, Wuli-Shili-Renli, input-output analysis